215-40 47th Ave Unit 3A · New York, NY 11361

$328,000

2 bd · 1.0 ba · 800 sqft · Condo · 3 Days on market

Built 1950

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +11.7/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Rocky Hill Terrace! This bright and spacious 2-bedroom, 1-bath unit offers an inviting layout filled with natural light from large windows throughout. A welcoming entry hallway opens to a versatile foyer, ideal for a dining area or home office. The expansive living room provides ample space for both comfortable living and dining. The galley kitchen features stainless steel appliances, while both bedrooms offer generous sizing and comfort. Additional highlights include hardwood floors throughout, abundant closet space, basement laundry facilities, and available storage. Indoor garage parking is available via waitlist. Nestled within a peaceful courtyard setting, Rocky Hill Terrace

Key facts

• Versatile foyer
• Galley kitchen
• Available storage

Tags

• VERSATILE FOYER
• GALLEY KITCHEN
• HARDWOOD FLOORS
• ABUNDANT CLOSET SPACE
• BASEMENT LAUNDRY FACILITIES
• AVAILABLE STORAGE

Property features AI

Finance

• HOA & community: Association: Orsid

Exterior

• Parking: 1-car garage; Garage parking available (waitlist)
• Security: Fire escape (exterior safety feature)
• Utilities: Public sewer; Utilities: See remarks
• Home design: Stock cooperative; Entry level: 1st floor
• Construction: Brick construction
• Exterior features: Brick exterior; Fire escape

Interior

• Kitchen: Dishwasher; Microwave; Oven; Refrigerator
• Bedrooms: Total rooms: 4
• Flooring: Wood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Steam heat; Wall/window air conditioning units
• Interior features: Galley kitchen layout; Common basement
• Laundry & utility: Laundry in basement (common area)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $328k.

Deal economics

• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $314k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $275k (16.1% below list).
• Recommended offer: $275k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.6% in New York — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#268 in NY, #4,188 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime F, cost of living F.
• Market conditions: Rents rising fast (+5.4%/yr); 166 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• This rent runs 31% of the median local income ($106k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $275,105 (16.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 5.95%
• Cash-on-cash: -1.22%
• DSCR: 0.95
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.41% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.43×
• Total profit: $-52,226
• Equity at exit: $48,906

10-year hold

• IRR: -3.5%
• Equity multiple: 0.74×
• Total profit: $-23,518
• Equity at exit: $28,359

Cash invested: $91,840 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City New York: 0 Strongly Tenant-Friendly · D+34

Rent Stabilization Code; HSTPA; 6+ months in housing court.

Methodology + full state rankings →

ZIP-level market 11361

• Rents YoY: 5.4%
• Active inventory: 166
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,751 high
• Mortgage (P&I): −$1,720
• Tax est. 1.5%: −$410 /mo · $4,920/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $-93

Break-even live

Break-even rent $2,869

Max offer price $314,484

Occupancy floor 98%

Sensitivity live

Price	-10% $133	-5% $20	+0% $-93	+5% $-207	+10% $-320
Rent	-10% $-311	-5% $-202	+0% $-93	+5% $15	+10% $124
Rate	-1.0pp $72	-0.5pp $-10	base $-93	+0.5pp $-178	+1.0pp $-265

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $82,000
• Closing costs: $9,840
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
40-11 214th Pl Unit 2R Bayside, NY	1.0	1.0	650	$2,800	$4.31	5d	1	0.54mi
214-16 40th Ave Unit 3rd Floor Flushing, NY	2.0	1.0	900	$2,800	$3.11	25d	1	0.56mi
56-25 226th St Unit 3 Bayside, NY	3.0	1.5	977	$3,250	$3.33	25d	1	0.62mi
41-20 210th St Unit 1 Flushing, NY	1.0	1.0	1030	$2,350	$2.28	25d	1	0.64mi
203-06 53rd Ave Unit 2 Flushing, NY	1.0	1.0	850	$2,200	$2.59	25d	1	0.76mi
208-12 39th Ave Bayside, NY	3.0	1.0	950	$3,150	$3.32	8d	1	0.79mi
196-42 44th Ave #2 Flushing, NY	1.0	1.0	600	$2,200	$3.67	5d	1	1.00mi
6747 222nd St Oakland Gardens, NY	3.0	1.0	924	$2,700	$2.92	3d	1	1.08mi
42-47 194th St Unit 1FL Queens, NY	2.0	1.0	820	$2,800	$3.41	25d	1	1.18mi
4230 Douglaston Pkwy Little Neck, NY	1.0	1.0	700	$1,800	$2.57	19d	1	1.18mi
4420 Douglaston Pkwy Unit 5A Little Neck, NY	2.0	1.0	900	$3,100	$3.44	4d	1	1.19mi
194-20 39th Ave Unit A Flushing, NY	1.0	1.0	900	$2,250	$2.50	25d	1	1.22mi
5839 196th Pl Fresh Meadows, NY	2.0	1.0	750	$2,750	$3.67	25d	1	1.22mi
232-15 67th Ave Unit 1FL Flushing, NY	2.0	2.0	900	$2,900	$3.22	4d	1	1.23mi
4334 192nd St Unit 2 Queens, NY	2.0	1.0	900	$2,650	$2.94	2d	1	1.29mi
36-26 192nd St #2 Flushing, NY	2.0	1.0	875	$3,000	$3.43	8d	1	1.39mi
3321 Jordan St Flushing, NY	3.0	2.0	1080	$3,900	$3.61	25d	1	1.44mi
01 194th St Unit Main Fresh Meadows, NY	1.0	1.0	895	$2,400	$2.68	15d	1	1.44mi
33-08 Francis Lewis Blvd Unit 2FL Queens, NY	3.0	1.0	1050	$3,050	$2.90	25d	1	1.49mi
4245 247th St Little Neck, NY	3.0	1.0	1080	$3,800	$3.52	25d	1	1.50mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-06-18
   days on market $328,000 Active 3 DOM
2. 2026-06-17
   days on market $328,000 Active 2 DOM
3. 2026-06-15
   remarks 699-char remark
4. 2026-06-15
   listed $328,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,013
• − Mortgage interest: −$18,373
• − Property taxes: −$4,920
• − Insurance: −$1,640
• − Repairs & maintenance: −$2,641
• − Management: −$2,641
• − Depreciation: −$9,542
• Taxable loss: −$6,744
• Est. tax savings @ 24.0%: +$1,619
• After-tax cash flow: $498/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

No district data.

Livability — New York

• Score: 75/100
• State rank: #268
• US rank: #4188

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A- Housing C+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New York, NY
• County: Queens County · 1,914,869 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 30,127
• Household income: $105,932
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1087.0

Population outlook (Queens County) Hauer SSP2

• Today (2025): 2,546,320 people
• By 2030: 2,643,059 · +3.8%
• By 2040: 2,815,563 · +10.6%
• By 2050: 2,944,423 · +15.6%
• By 2075: 3,123,338 · +22.7%
• By 2100: 3,098,688 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Asian 42% White 37% Hispanic / Latino 15% Two or more races 7% Black 4%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 40% · China, South Korea, Canada
• Languages at home: 47% English-only · Chinese 22% Korean 11% Spanish 9%

Political lean MEDSL · Queens

• 2024 margin: Strong D (+24.6) · D 62.3% · R 37.7%
• 2008→2024 swing: -26.2pp toward R · 2008: 50.8pp · 2024: 24.6pp
• All cycles: 2024: D+24.6 2020: D+45.2 2016: D+53.4 2012: D+58.5 2008: D+50.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -190.52%
• Current HPI: 317.8526
• Rent YoY: ▲ 5.41%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-0.3% since first listed

15 events — show timeline

• 2026-06-15 Listed $328,000 OneKey® MLS as Distributed by MLS Grid
• 2020-08-20 Price Changed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2020-08-18 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2020-08-18 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-07-14 Price Changed $303,000 OneKey® MLS as Distributed by MLS Grid
• 2020-07-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-07-10 Listed $305,000 OneKey® MLS as Distributed by MLS Grid
• 2020-06-16 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2020-06-16 Price Changed $305,000 OneKey® MLS as Distributed by MLS Grid
• 2020-04-27 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-01-13 Price Changed $314,888 OneKey® MLS as Distributed by MLS Grid
• 2020-01-06 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2020-01-06 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-09-29 Price Changed $319,888 OneKey® MLS as Distributed by MLS Grid
• 2019-08-05 Listed $328,888 OneKey® MLS as Distributed by MLS Grid